{"id":787677,"date":"2026-07-27T17:28:08","date_gmt":"2026-07-27T17:28:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/787677\/"},"modified":"2026-07-27T17:28:08","modified_gmt":"2026-07-27T17:28:08","slug":"investors-applaud-australias-resilient-economy-while-the-craven-newsrooms-still-refuse-to-report-it","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/787677\/","title":{"rendered":"Investors applaud Australia\u2019s resilient economy while the craven newsrooms still refuse to report it"},"content":{"rendered":"

More than 76 thousand Australian families are now feeling greatly relieved and much more optimistic about their future. That\u2019s how many workers found jobs in June, according to last week\u2019s Bureau of Statistics report<\/a>.<\/p>\n

Those numbers bolster the claim<\/a> that Australia\u2019s economy is the strongest since records began, with employment<\/a> to population now above 63.5% for a record 51 months. The jobless rate at 4.43% has now been below 4.50% for an impressive 55 months. Job participation at 67.01% is a fraction below the January record, while underemployment at 6.51% extends the historic streak below 7.00% also to 55 months.<\/p>\n

This brings total jobs the reformist centre left Albanese<\/a> Government has added to 1.33 million, and continues Treasurer Jim Chalmers\u2019<\/a> duel with Paul Keating<\/a> to decide Australia\u2019s best job creator.<\/p>\n

Most jobs generated by prime ministers<\/p>\n

To the end of June Albanese\u2019s team had created 326,800 jobs every year, on average, by far the highest since records began in 1978. Next comes the Turnbull<\/a> period which generated 272,500 jobs annually. Then followed Morrison<\/a>, Howard<\/a>, Rudd<\/a>, Keating, Gillard<\/a>, Hawke<\/a>, Abbott<\/a> and Fraser<\/a>.<\/p>\n

Obviously we cannot validly compare raw numbers over time as today\u2019s workforce is one-and-a-half times John Howard\u2019s labour pool and double Bob Hawke\u2019s.<\/p>\n

Adjusting for workforce size, we find the Hawke Government with Paul Keating as Treasurer expanded jobs by 2.49% each year on average. Next came Albanese with 2.42%, then Howard 2.33%, Turnbull 2.31%, Keating 2.13%, Morrison 1.92%, Rudd 1.58%, Gillard 1.45%, Abbott 1.35% and Fraser 0.85%.<\/p>\n

Global comparisons<\/p>\n

We are yet to see June figures for all 38 developed OECD<\/a> economies, but Australia is clearly back in the top ten. That\u2019s up from ranking outside the top twenty for most of the dismal Morrison years.<\/p>\n

Among OECD members which have reported<\/a>, Canada, Germany, Luxembourg, Austria and Lithuania are all above 6.0%. Sweden is 9.9% and Finland 10.0%. The Finns can be happy<\/a>, of course, that this is down from 12.7% in May.<\/p>\n

Equality increasing along with wealth<\/p>\n

This month\u2019s Global Wealth Report<\/a> from Swiss bank UBS<\/a>\u00a0reveals the wealth of average Aussie adults has soared to US$616,306 (A$882,500), ranking fifth in the world behind Switzerland, the USA, Luxembourg and Hong Kong.<\/p>\n

The number of millionaires \u2013 with net worth above US$1 million (AU$1.43 million) \u2013 jumped by 25,100 to 1,634,000. Australia is now seventh globally by millionaires.<\/p>\n

Broad wealth, which indicates asset distribution across the population, is lifting, with 70% of adults holding more than US$100,000. This is second only to Luxembourg.<\/p>\n

Australia\u2019s Gini coefficient is 0.53, ranking 29th on the UBS list of 32 rich countries. This measures equality on a scale from 0 to 1, with zero being perfect equality and one being perfect inequality. So the lower the better \u2013 for egalitarians, anyway.<\/p>\n

The only nations with scores lower than Australia were Qatar, Belgium and Slovakia.<\/p>\n

As Australia\u2019s score in last year\u2019s UBS report<\/a> was 0.55, which ranked 27th out of 32, equality is advancing<\/a>. Australia has now snuck ahead of Luxembourg and Japan.<\/p>\n

Newsroom responses negative as always<\/p>\n

Sadly, most newsrooms continue to spin excellent data on wealth and jobs into gloom, doom and despair:<\/p>\n

To be fair, some newsrooms did play the jobs numbers with a straight bat, including the Herald Sun<\/a>, ABC News<\/a>, news.com.au<\/a> and FX Street<\/a>, which is a refreshing change.<\/p>\n

Newsroom recantations<\/p>\n

This column<\/a> was somewhat chuffed two weeks ago to see the ABC\u2019s business reporter\u00a0Alan Kohler<\/a> abandon his long-held pessimism and\u00a0announce<\/a>\u00a0that Australia is not heading for a recession after all.\u00a0 The economy is so robust, he said, that it needs dampening.<\/p>\n

He was the first mainstream journalist to confirm IA\u2019s reporting<\/a> over the last two years. Our chuffedness quotient was boosted further last Thursday when analysis<\/a> by economist Adam Triggs ran in the Canberra Times and affiliated journals. Triggs asserted that despite constant crisis narratives, Australia\u2019s economy is not \u201cbusted\u201d but among the world\u2019s most resilient. Correct.<\/p>\n

The article reported that multiple recent real\u2011world stress tests show the economy has absorbed severe shocks with little damage.<\/p>\n

Corporate affirmations<\/p>\n

While newsrooms may take months or even years to catch up, the business investment community is certainly alert.<\/p>\n

Morningstar DBRS confirmed<\/a> Australia\u2019s long-term and short-term foreign and local currency-issuer ratings at AAA last week. Its report praised \u2018the country\u2019s considerable fundamental strengths, including its diversified and highly productive economy, sound macroeconomic policy frameworks, and highly effective governing institutions.\u2019<\/p>\n

Market analyst with IG International<\/a> Tony Sycamore affirmed<\/a> that the June jobs data \u2018aligns with the RBA\u2019s view that labour market conditions remain resilient.\u2019 He described the jobs surge as \u2018a sign of broader economic resilience\u2019.
In its monthly report<\/a> for July, London-based global asset management firm Janus Henderson Investors said that AI-driven investment will \u2018propel domestic demand and maintain an overall positive growth momentum\u2019.<\/p>\n

A Commonwealth Bank report<\/a> described Australia\u2019s economy as \u2018in a solid position with its fiscal position triple-A-rated, well-positioned to draw global capital.\u2019<\/p>\n

The May budget, it said, \u2018adds mild stimulus, keeping demand firm and retaining upside risks for RBA rate increases \u2026 unemployment is low and the budget charts a credible path back to surplus.\u2019<\/p>\n

What Australia needs urgently, however, is a credible path back to newsrooms which report the economy without a surplus of pessimism, distortion and falsification.<\/p>\n

*<\/p>\n

This is a slightly edited version of an article published earlier today in\u00a0Independent Australia. The original article is available here in full for free:<\/p>\n

https:\/\/independentaustralia.net\/politics\/politics-display\/investors-applaud-resilient-economy-while-newsrooms-refuse-to-report-it,21350<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"More than 76 thousand Australian families are now feeling greatly relieved and much more optimistic about their future.…\n","protected":false},"author":2,"featured_media":787678,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":["post-787677","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/787677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=787677"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/787677\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/787678"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=787677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=787677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=787677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}